Depending upon the application of automotive plastics, some equipment such as bumper, auto carpet, seating system and lighting system are manufactured. It is very advantageous to produce different automobile materials with the diverse properties of plastics that includes resistance to abrasion, impact strength, thermal stability and flexibility. The manufacturers have increased the usage of plastics in various applications in fenders, bumpers and doors owing to its low expanse, long-lasting quality and stiffness. In an on-going study by Future Market Insights (FMI), the market for automotive plastics in Brazil, Russia, India and China (BRIC) is likely to witness a stable CAGR of 15.4 % over the forecast period, 2015-2020 with an estimated value of US $ 11,244.4 Mn in 2014.

BRIC Automotive Plastics Market: Dynamics

The report is analyzing that different aspects such as surging of automotive plastics components’ export, increasing demand for passenger vehicles and restricted government principles for monitoring vehicle emission are driving to expand the market for automotive plastics in BRIC. For an example, India was expected to execute Basic stage-IV vehicle emission along with maintaining fuel quality standard by the end of 2015 and is estimating to implement BS-IV+ in 2017. Owing to force the manufacturers for producing light weight vehicles by adding more plastic components, these principles have been introduced. As the global market is leaning towards bio-based plastic components, some committing norms related to return of investment (ROI), monitoring hurdles & patents, are estimated to restrain BRIC automotive plastic market through the forecast period.

BRIC Automotive Plastics Market: Segmentation

The report is analyzing and forecasting the expansion of BRIC automotive plastics market on the basis of their application, vehicle type, distribution channel and product type. Depending upon automotive plastics application, BRIC market is segmented among exterior, under bonnet and interior. Based upon vehicle type, BRIC market for automotive plastics includes commercial and passenger vehicle. Aftermarket and original equipment manufacturers (OEM) are the segmentations that fall into distribution channel type.

In terms of country-based segmentation, the automotive plastics market in BRIC includes Brazil, China, India and Russia. Over the forecast period, the market and demand for automotive plastics in China is estimating a high growth of expansion in BRIC region. By the end of 2020, automotive plastics market in Russia is expecting US$ 2,888 Mn and India is estimating a stable CAGR of 14 %.

With over 8 years of experience in market research and consulting industry, Nikhil has worked on more than 250 research assignments pertaining to chemicals, materials and energy sector. He has worked directly with about 35 reputed companies as lead consultant for plant expansion, product positioning, capacity factor analysis, new market/segment exploration, export market opportunity evaluation and sourcing strategies.